BitDAO, a decentralized autonomous organization dedicated to backing the growth of open finance protocols, has put forth a new initiative to allocate $200 million to the L2 Mantle ecosystem. This proposal, referred to as MIP-24, is designed to infuse capital into the Mantle ecosystem over a span of three years to bolster founders and protocol technology collaborators who are building within the ecosystem. The objective is to launch over 40 projects on the Mantle ecosystem and attain a financial yield of 1.5x MOIC within three years.

The Mantle Network is a high-efficiency Ethereum layer-2 network that is constructed with a modular architecture and is in line with Mantle's strategic interests via the $MNT token. Historically, ecosystem funds have acted as a significant growth catalyst for new emerging protocols and ecosystems, especially for the adoption of a new protocol by developers and decentralized applications (dApps). The Mantle EcoFund aspires to be the “first money” into high-quality and innovative early-stage projects being developed within the Mantle Ecosystem, offering support in conjunction with the Strategic Venture Partners.

The Mantle EcoFund is composed of two parts: 100 million USDC supplied by Mantle from its Treasury and managed by the Mantle EcoFund, and the remaining $100 million in external matching capital from Strategic Venture Partners when they co-invest with the Mantle EcoFund on an opportunistic basis. This capital pool is designed to foster the adoption of the Mantle Network among developers and dApps and to incentivize reputable Strategic Venture Partners to invest in the Mantle ecosystem.